UK fintech VitraCash successfully raised £330,000 on CrowdCube with almost 1,000 investors
UK fintech VitraCash have closed their Pre-Seed funding round with £330,000 coming from almost 1,000 different investors. The company plans to launch its first-of-its-kind smart debit card during the third quarter of the year.
With their app users are able to connect all of their payment methods and then when they pay with their VitraCard debit card VitraCash’s AI-based technology selects the best card for every transaction, factoring in elements such as FX rates, cashback, insurances, and more, creating a seamless payment experience no matter where you are.
“After spending a lot of time traveling the world, our team noticed the absurd fees that were charged for foreign exchange and ATM withdrawal,” said Koray Koska, CEO of Vitracash. “We also often traveled with a lot of different cards each offering amazing features such as no ATM withdrawal fees or better FX rates but trying to figure out which card would be the best for every transaction was impossible. That’s what inspired us to create VitraCash.”
After launching their CrowdCube campaign last month they hit their target within a few short hours and then went into overfunding managing to raise almost seven times the intended amount. “We could have never imagined that the campaign would be this successful and it gives us a lot of hope for our launch and the future of VitraCash,” said Koska.
VitraCard is set to launch in summer 2021. In the first months, the system will be invite-only where CrowdCube investors will be given the exclusive right to invite new people.
Following a successful rollout period, the system will then go live publicly in the fourth quarter of this year.
The card designs are currently being amended and community members discuss and vote for them in the community forum. With many interested investors from CrowdCube joining the conversation and helping with great ideas.
VitraCash is in active discussions with VC funds to lead a bigger Seed round early next year, with milestones to be reached until then.
“Together with all the terrific investors from CrowdCube and our huge wait-list which we are still ramping up, we will make a statement in the FinTech space with our launch. We are confident to reach a very high number of users until our next funding round,” said Koska.